Week 9 - Dharshini Karthikeyan - Capitalism and Power
America prides itself on being a capitalist country. From fighting for individualism and freedom during the American revolution to repressing communism during the Red Scare, capitalism has always prevailed in American society. Capitalism is defined as an economic system in which private profiting and business practices are encouraged rather than having the classless society and public controlled businesses that communism encourages. Although capitalism has had many positive impacts on American society such as supporting innovation, economic growth, and economic rewards, capitalism in America has also led to power being skewed in our society.
image: https://www.google.com/url?sa=i&url=https%3A%2F%2Fwww.capitalism.com%2Fwhat-is-capitalism%2F&psig=AOvVaw3ouSk8jOcsuVvf8CcAU2ZU&ust=1705611096735000&source=images&cd=vfe&opi=89978449&ved=0CBMQjhxqFwoTCPjw0tGm5YMDFQAAAAAdAAAAABAD
The power in a capitalistic society is dominated by individuals who have made the most profit from their private business. In other words, the richer you are, the more power you have. This has led to money being equivalent to power in American society. American individuals with immense power (such as Elon Musk, Jeff Bezos, and Bill Gates) may not be politicians, but they still have control over the social and economic state of America. One recent example of how wealthy individuals dominate the American economy is how the tours of influential singers, such as Beyoncé and Taylor Swift, were able to boost the American economy by over 6 billion dollars because of how these concerts increased consumer spending. The fates of middle class individuals living in America has become wholly dependent on wealthy individuals because of the amount of power they have over the American economy. Capitalism has resulted in an unequal skew of power, and this diminishes the voices of those who do not fall into the category of billionaire business tycoons.
link: https://www.nytimes.com/2023/04/20/opinion/american-capitalism-good.html
Hi Dharshini! I agree, the capitalist system definitely equates money with power, and this is only one of its many faults. The example that you gave about famous artists going on tour and boosting the economy underscores the disproportionate influence of the wealthy on the economy. Capitalism encourages private profit, which often leads to big corporations exploiting their workers and other unethical business practices in order to maximize their profit. In addition, the power that wealthy elites and wealthy corporations wield extends to avenues such as politics, with one such example being the influence of lobbying on political decisions. Another negative effect of capitalism is its effect on the environment. The prioritization of profit over all else leads to billion dollar corporations contributing to the pollution of the environment. Fast fashion, for example, is an industry that contributes a significant amount of pollution each year. Consumerism, also encouraged by capitalism, leads to overconsumption, which also pollutes the environment.
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